Mortgage REIT Chimera Investment (CIM) has announced they are selling a new issue of $25/share baby bonds.
They are just the latest of the mortgage REITs to sell baby bonds–and they had sold an issue back in May with a 9% coupon.
The preliminary prospectus can be read here.
J was the 1st one to comment on this new issue.
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Priced at 9.25%
https://www.chimerareit.com/news-events/press-releases/detail/241/chimera-investment-corporation-announces-pricing-of-public
and Notes appear to be still available at par — no thank you
Hmmm. CIM is a second-rate mREIT. I bought a partial amount of the 9% issue, but another one coming this soon kinda’ makes me nervous. Thoughts?
Tim, CIM
Thanks CM
Typical terms 5 yr term non call 2 …9.25% area..
Use of proceeds:
To finance the acquisition of mortgage assets including residential mortgage loans, non-Agency RMBS, Agency RMBS, Agency CMBS and other targeted assets, and for other general corporate purposes such as repayment of outstanding indebtedness or to pay down other liabilities, working capital and for liquidity needs